Viasat reports record revenues
May 19, 2023
By Chris Forrester
California-based satellite operator Viasat has reported record full-year revenues, up 6 per cent y-o-y, at $2.6 billion (€2.4bn). Revenues were helped by a strong return to business for its in-flight broadband services and the company said it expected its acquisition of London-based Inmarsat to close by the end of May subject to receiving approval from the European Commission.
Trading at Viasat, in the full year to March 31st, was impressive and Fiscal 2024 (the current trading year) will see benefits start to flow from the April 30th launch of the first of its new trio of ViaSat-3 satellites (serving the Americas) and increasing bandwidth available 8-fold.
Chairman Mark Dankberg told shareholders in his quarterly letter that all was well with the satellite and was now at its correct orbital location. “Commencement of commercial services is expected in mid-summer,” he added.
New business achievements were also good and Viasat grew its In-Flight Communications (IFC) served aircraft to a total of 2230 planes (up 22 per cent y-o-y) including Etihad Airways on its new Dreamliner aircraft, and expanded its service to the Delta Air Lines fleet to serve Delta’s new ‘free’ broadband initiative. Viasat is contracted to equip and activate IFC broadband to more than 1000 Delta aircraft.
Viasat said there are still delays on new aircraft which are delaying some activations. Nevertheless, Viasat shipped over 575 commercial air IFC terminals to more than 15 airline partners.
Its Satellite Services revenue was $1.2 billion, up some 2 per cent y-o-y.
Viasat said its record revenue in its 2023 fiscal year of $2.8 billion and $2.6 billion from continuing operations, an increase of 6 per cent y-o-y.